Receiving a scholarship could be of great help to any one of us financially! Studying and working at the same time can be tricky to balance and a few extra funds can go a long way.
So, how do you make the most of your scholarship money?
1. Reduce that HECSs
Whether you are finishing your degree or wondering how you will be able to afford another subject, put the funds towards your education and get a head start on reducing your student debt.
Either pay the full sum to your university account or split the funds and save a bit for another use.
2. Buy the necessities
University related expenses such as textbooks, technology, uniforms and equipment can have a significant financial strain. So, use the scholarship money to aid your studies and keep your income for your savings.
On-campus accommodation is also a handy place to invest the money.
3. Rainy day stash
If you don’t earn much or are waiting for work, it is a good idea to store the funds as savings. This will ensure that you are healthy in the long-term.
As you progress in your degree, it will help knowing you have something to fall back on if you have a rainy uni day.
4. Fund yourself
You may not have to use it directly towards your education, so put it towards living expenses that will help you stress less while you study.
Whether it’s buying a second-hand car to get around town or an ongoing investment into food and fitness, spend it wisely to sustain and support yourself.
Whatever you decide, make sure that you create a budget plan for this. This will guarantee that every penny contributes to you stepping closer to your dream career.